Skipton Building Society has acquired protection IFA Direct Life and Pension Services (DLPS) in a bi...
Skipton Building Society has acquired protection IFA Direct Life and Pension Services (DLPS) in a bid to cash in on the growing term assurance market.
The deal, worth £4.2m, was prompted by the recent growth in term assurance following the fall of endowment linked mortgage sales. The lender said the market is set to grow by at least 14% a year in the next five years.
John Goodfellow, chief executive and director of Skipton Building Society, said the acquisition of DLPS further develops its strategy of investing in subsidiary companies. 'DLPS has an innovative leading edge system for delivering the best value solution to its customers in the quickest and easiest way possible,' he said.
Michael Ward, managing director of DLPS, said the move to Skipton would ensure future growth and stability. 'As a member of the Skipton Group, we will now be able to build upon these solid foundations by utilising the financial support and complementary services from the society and its other subsidiaries,' he said.
